It will correct the out of balance GL, but if the entry is still on your AR Aging it will not remove it. Is the transaction in AR-R? Is the transaction in your check register? If not I would do the deposit again to clear it out and show up on the customers statement. Than make an offsetting BL-B transaction to get the cash account back into balance. You really need to see what parts are missing to determine which type of GL-B transaction to make so you can reconcile your bank account properly.
 
John